Closed frontiers vs. Open source. How can the IPO's be justified by investors pouring in billions?

if a Chinese Al companv can builc a comparable model on a fraction of the capex - and then open-source it - how exactly does a US company burning $10B+ iustifv the IPO valuation? The model becomes a commodity the moment it's replicated cheaply. OpenAl and Anthropic may be building impressive tech, but they're also building a debt mountain with no visible exit ramp. Meanwhile, China's lean, open-source approach doesn't need to IPO to win - it iust needs the world to download the weights for free. When your moat is price, you don't have a moat. Thoughts?